Deciding what sort of business is best for you

[Paul R]

Hi All,

A bit of a general survey thread here; did you have (are you still) having difficulty in deciding what sort of business you should start?

I'm trying to understand how people arrive at their business idea as part of some wider work I'm doing into startup/work from home businesses and would appreciate any feedback you might have as to the process you went through - or are going through now.

A couple of starter questions to get you thinking:


Did you start by thinking about what skills you already had then trying to find a way to monetize those skills by turning them into a business? Or, did you look around on the web to see what others were doing then think that you would follow suit?

How much planning did you do before setting off on your business journey?

What sort of resources did you use to help make your decisions? For example, did you just use the Web, attend local small business seminars/training, speak with your bank etc.

Did you start a business then realize you were unsuited to it and change?

What was your main stumbling block (if you had one) that stopped you getting going at the start?

Looking back, what was the one

thing you would have done differently?

I'd be really interested in your thoughts (as would many others, I'm sure) and appreciate any time you might have to feed back.

Regards,

Paul

[Backchannelmako]

My idea started from a hobby

[Wozcreative]

A couple of starter questions to get you thinking:

Did you start by thinking about what skills you already had then trying to find a way to monetize those skills by turning them into a business? Or, did you look around on the web to see what others were doing then think that you would follow suit?
• I started by combining my hobby for computers and art. Because graphic design allowed for a lot of versatility (I can get bored easily), that's what I went with.

How much planning did you do before setting off on your business journey?
• I spent 18 years learning color, illustration, aesthetics, composition and craft before deciding I wanted to even go into the graphic design industry
• I spent 12 years learning to hone my skills on a computer before going into business (self teaching, 3 years in college, and 4 years working in agencies)

What sort of resources did you use to help make your decisions? For example, did you just use the Web, attend local small business seminars/training, speak with your bank etc.
• Everything I could get my hands on. School, books, talking to people, going to galleries, watching documentaries, watching youtube videos of existing designers. I started researching when I was in highschool and had to choose my industry.

Did you start a business then realize you were unsuited to it and change?
No, I first had to gain experience before I went into business for myself. I lacked a lot of the business sense that most artists do.

What was your main stumbling block (if you had one) that stopped you getting going at the start?
• Lack of experience in business. (How do I price myself? How do I make sure my clients like the work? How do I sell my services? Which industries do I like to work with? How can I handle the accounting? How do I handle payments? etc.)

Looking back, what was the one thing you would have done differently?
• I probably spent too much time playing MMORPG games when I was 16 - 18. I could have honed my skills faster.
• I wish I utilized the 2 hour commute to and from school + work for 6 years by reading books. I just slept most of those rides instead or bobbed my head to music.

I'm realizing more and more how much time is so expensive. You won't find me playing video games or just watching tv. I always have background noise, but when I am at home, I'm reading about business, learning, working, painting or crafting. Theres never too much preparation that you can do.

[Harold Mansfield]

Did you start by thinking about what skills you already had then trying to find a way to monetize those skills by turning them into a business? Or, did you look around on the web to see what others were doing then think that you would follow suit?
I started a business using skills that I already had.



How much planning did you do before setting off on your business journey?
Almost none. All of the things I did to prepare weren't the things I needed to focus on.



What sort of resources did you use to help make your decisions? For example, did you just use the Web, attend local small business seminars/training, speak with your bank etc.
Just the web. I didn't attend any seminars. Still don't. I hate seminars. No bank. I bootstrapped.



Did you start a business then realize you were unsuited to it and change?
No.



What was your main stumbling block (if you had one) that stopped you getting going at the start?
Not having a plan to get a continuous flow of customers. I wasted a lot of time getting once customer at a time, instead of having a plan for getting the phone to ring.



Looking back, what was the one thing you would have done differently?
I can probably name 20 things that I would do differently. And there are a few things that I did back then, that wouldn't work today. Basically I wouldn't be able to start today the same way I started a few years ago. A lot has changed and there's far more choices and a lot more competition out there. I'd tell anyone who is exactly like I was then, that was starting today, not to do it the way I'd did it or you will fail in today's environment.

[shadojake]

Did you start by thinking about what skills you already had then trying to find a way to monetize those skills by turning them into a business? Or, did you look around on the web to see what others were doing then think that you would follow suit?

I worked from skils I already had.

How much planning did you do before setting off on your business journey?

Not much. I had made a some tile coasters in a class as gifts for 2 friends. When giving one set to a friend, one of her clients came and saw them while I was there. The friend asked, " do you sell them?" And the rest, they say, is history.

What sort of resources did you use to help make your decisions? For example, did you just use the Web, attend local small business seminars/training, speak with your bank etc.

None.

Did you start a business then realize you were unsuited to it and change?

No.

What was your main stumbling block (if you had one) that stopped you getting going at the start?

Not having a plan to get the word out.

Looking back, what was the one thing you would have done differently?

Have more of a plan for getting the word out.